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Mortgage Rates Drop For Third Consecutive Week

Mortgage rates, or interest rates on home loans, slipped for the third consecutive week, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.45 percent for the week ending February 6, 2019, down from 3.51 last week. A year ago at this time, the average rate was 4.41 percent.

The 15-year FRM this week averaged 2.97 percent, down from 3.00 percent last week. A year ago at this time, the 15-year FRM averaged 3.84 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.32 percent, up from 3.24 percent last week. It was 3.91 percent a year ago.

"As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity," said Sam Khater, Freddie Mac's Chief Economist. "The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months."

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